GITNUX MARKETDATA REPORT 2024

Digital Payments Fraud 2024: A Closer Look at the Statistics

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Digital payments are becoming increasingly popular as more and more people are turning to online transactions to make purchases. Unfortunately, with the rise in digital payments comes an increase in fraud.

In this article, we will take a look at the latest digital payments fraud statistics and discuss what measures can be taken to protect yourself from becoming a victim of fraud. We will also explore the different types of digital payments fraud and how they can be prevented. So, if you’re interested in learning more about digital payments fraud and how to protect yourself, keep reading.

Digital Payment Fraud: Most Important Statistics

The number of internet users and social media users has grown significantly, with almost 60% of the world’s population now online.
Digital technologies are responsible for a large and growing portion of global greenhouse gas emissions, with energy consumption increasing by 9% a year and the communications industry projected to consume 20% of the world’s electricity by 2025.
At the start of 2021, the world’s population was 7.83 billion, growing by 1 percent per year. 66.6 percent of the population (5.22 billion) use a mobile phone, with unique users increasing by 93 million (1.8 percent) and total connections increasing by 72 million (0.9 percent). 4.66 billion people use the internet, up by 316 million (7.3 percent) since January 2020.

Digital Payment Fraud: Statistics Overview

47% of internet users have searched for information about themselves online, up from 22% five years ago, but most do not take steps to limit the amount of information available about them online.

Internet users are becoming more aware of their digital footprint, but are not taking the necessary steps to protect themselves from fraud.

If users are not taking the necessary steps to protect their online presence, they may be more vulnerable to fraudsters who can use the information they find to commit fraud.

The number of internet users and social media users has grown significantly, with almost 60% of the world’s population now online.

Why it Matters: This growth in internet and social media usage is important to consider when looking at Digital Payments Fraud Statistics, as it indicates the potential for an increase in fraud as more people are exposed to digital payment systems.

This statistic highlights the environmental impact of technology and digital usage, and how small changes can make a big difference.

It emphasizes the need to be mindful of our digital usage in order to reduce our carbon footprint and protect the environment.

Digital technologies are responsible for a large and growing portion of global greenhouse gas emissions, with energy consumption increasing by 9% a year and the communications industry projected to consume 20% of the world’s electricity by 2025.

This matters in the context of Digital Payments Fraud Statistics because the environmental impact of digital technologies is an important factor to consider when evaluating the sustainability of digital payments systems.

38% of college applicants were negatively affected when colleges looked at their digital footprint.

Even though it may be unintentional, a negative digital footprint can have serious consequences and can be used to determine one’s reputation score. This is especially relevant in the context of digital payments fraud, as a negative digital reputation can make it more difficult to gain access to digital payment services.

Digital footprints can have a lasting impact on an individual’s reputation and should be managed carefully.

If personal information is shared carelessly, it can be used by fraudsters to commit fraud. It is therefore important to be aware of the potential risks associated with sharing personal information online and to take steps to protect it.

Digital footprints are the data left behind when users are online, which can be either passive or active.

It matters in the context of Digital Payments Fraud Statistics because it can be used to track user activity and identify any suspicious behavior.

Digital footprints can be divided into active and passive data traces, which are left voluntarily or unintentionally by users.

This matters in the context of Digital Payments Fraud Statistics as it can help identify potential fraudsters and protect users from fraudulent activities.

At the start of 2021, the world’s population was 7.83 billion, growing by 1 percent per year. 66.6 percent of the population (5.22 billion) use a mobile phone, with unique users increasing by 93 million (1.8 percent) and total connections increasing by 72 million (0.9 percent). 4.66 billion people use the internet, up by 316 million (7.3 percent) since January 2020.

This matters in the context of Digital Payments Fraud Statistics because as the population and the number of people using mobile phones and the internet increases, so does the risk of digital payments fraud. As more people use digital payments, the more vulnerable they become to fraud.

Global social media users have more than doubled since 2016, with over 500 million new users added in the past 3 years.

This statistic is important in the context of digital payments fraud statistics because it shows the increasing prevalence of digital payments and the need for fraud prevention measures. As more people use digital payments, the risk of fraud increases, so it is important to have effective fraud prevention measures in place to protect users and their data.

Conclusion

Digital payments fraud is a growing concern for businesses and consumers alike. While there are steps that can be taken to reduce the risk of fraud, it is important to stay informed about the latest fraud statistics and trends.

By understanding the current state of digital payments fraud, businesses can better protect themselves and their customers from becoming victims. Additionally, consumers should be aware of the potential risks associated with digital payments and take steps to protect themselves. With the right knowledge and precautions, digital payments can be a safe and secure way to conduct business.

References

1 – https://www.pewresearch.org/internet/2007/12/16/digital-footprints/

2 – https://thenextweb.com/news/digital-trends-2020-every-single-stat-you-need-to-know-about-the-internet

3 – https://www.capgemini.com/gb-en/insights/expert-perspectives/are-you-aware-of-your-digital-carbon-footprint/

4 – https://escp.eu/news/reduce-your-digital-carbon-footprint-shape-greener-future

5 – https://www.edtechreview.in/trends-insights/trends/digital-footprint-and-reputation-information-facts/

6 – https://sdcpcm.com/wp-content/uploads/2020/04/10-Things-To-Know-About-Digital-Footprints.pdf

7 – https://www.familylives.org.uk/advice/your-family/online-safety/digital-footprints#:~:text=An%20active%20digital%20footprint%20is,stored%20on%20an%20online%20database.

8 – https://www.sourcr.com/blog/expanding-your-active-and-passive-digital-footprint/

9 – https://wearesocial.com/uk/blog/2021/01/digital-2021-the-latest-insights-into-the-state-of-digital/

10 – https://datareportal.com/reports/digital-2021-global-overview-report

FAQs

What is digital payments fraud?

Digital payments fraud is the unauthorized use of digital payment methods, such as debit or credit cards, to make fraudulent purchases or transfer funds.

What are the most common types of digital payments fraud?

The most common types of digital payments fraud include identity theft, phishing, skimming, and account takeover.

How can digital payments fraud be prevented?

Digital payments fraud can be prevented by using strong passwords, monitoring accounts regularly, and using two-factor authentication when available.

What can I do if I am a victim of digital payments fraud?

If you are a victim of digital payments fraud, you should contact your bank or credit card company immediately to report the fraud.

What are the risks associated with digital payments fraud?

The risks associated with digital payments fraud include financial loss, identity theft, and damage to your credit score.

How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

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